What is a Triplex?
An Essential Property Management Term
A triplex is a property comprising three individual units in one building, and each unit typically shares at least one common wall. A triplex can be one or more stories tall, and it can be connected to other units or buildings, like row houses.
According to Gokce Capital, each triplex unit will have its own:
- Living room
- Separate door to the outside
- Address/unit number
Is a Triplex a Single-Family Home?
No. Triplexes are multifamily properties because they have three separate residential units. Landlords who own a triplex can rent out each dwelling to unrelated tenants with different leasing periods.
Triplex vs. Duplex
While triplexes and duplexes are both multifamily properties, there are key differences between these types of real estate. Duplexes only have two dwelling units in one building, while triplexes have three.
Pros of a Triplex
There are many benefits to owning and renting out a triplex, according to FitSmallBusiness.com.
Buying a multifamily property is a good way to start investing because it offers flexibility, particularly for first-time landlords. You can live in one unit and collect rent from the others, and the rental income should fully cover the mortgage and additional expenses. Additionally, having more dwellings to rent out means shorter total vacancy cycles, which leads to more money in your pocket.
Cons of a Triplex
Though there are plenty of benefits to owning a triplex, there are drawbacks to consider as well. Firstly, it’s not a risk-free investment, and you’ll be in close proximity to your tenants if you live onsite. You’ll have to set clear boundaries to avoid being on-call constantly.
Also, tenant turnover tends to be higher for multifamily properties – but tenant care is low, especially when compared to single-family rentals. Multifamily tenants tend to be more transient, and they don’t always care for the property as much as the landlord would like, which can increase maintenance costs and repairs.
Common Triplex Amenities
Triplex tenants value some amenities over others. The National Multifamily Housing Council surveyed around 250,000 renters this year to determine which amenities renters were interested in, along with how much more they’d be willing to pay per month for that feature.
Here are their findings, in order from most to least important:
- Air conditioning
- Washer/dryer (preferably in-unit)
- Fast internet
- Soundproof walls
- Good cell reception
- Fitness center
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